Overview

• The Supreme Court directed CBI in April to open seven preliminary enquiries into alleged subvention‐scheme abuses and this month allowed six to be converted into 22 FIRs against builders and unnamed bank officials.
• Investigators carried out coordinated searches at 47 locations across Delhi, Gurugram, Noida, Greater Noida and Ghaziabad, seizing incriminating documents and digital evidence.
• FIRs name major developers including Jaypee Sports International, Supertech, Ajnara India, Vatika and Idea Builders alongside unidentified officials from SBI, HDFC, ICICI and other financial institutions.
• The probe focuses on tripartite subvention agreements under which banks disbursed loan amounts directly to builders obligated to cover EMIs until handover but allegedly defaulted.
• A seventh preliminary enquiry into projects outside the NCR covering cities such as Mumbai and Bengaluru remains active as the CBI expands its investigation.